Cannabis company Aphria expands to south with acquisition

Cannabis company Aphria expands to south with acquisition
The Ontario-based company says it will establish a presence in Colombia and several other countries by acquiring several companies through the purchase of Scythian's LATAM Holdings Inc.(Image via Canadian Press)

LEAMINGTON, Ont. — Aphria Inc. says it’s preparing to expand its cannabis business into South America and Jamaica by acquiring a subsidiary of Scythian Biosciences Inc. for an undisclosed price.

The Ontario-based company says it will establish a presence in Colombia and several other countries by acquiring several companies through the purchase of Scythian’s LATAM Holdings Inc. Cannabis company Aphria expands to south with acquisition, which means more money and market in an already saturated industry.

Aphria’s Colombian operation will be anchored by Colcanna SAS, which has licences to cultivate and manufacture medicinal extracts from cannabis, including oil, for domestic use and export.

Aphria is also acquiring ABP SA, which distributes to an extensive network of pharmacies, distributors, government clinics and hospitals throughout Argentina. It also has a licence to import cannabidiol (CBD) oil.

In Jamaica, Aphria will acquire Marigold Projects Jamaica Ltd. which has several licences to cultivate, process and sell cannabis products and services for therapeutic, medical and scientific purposes.

Aphria’s expansion follows Canopy Growth Corp.’s announcement earlier this month that it has acquired a Colombian medical marijuana company in exchange for shares valued at about $45.7 million.

Companies in this story: (TSX:APH, TSX:WEED)

The Canadian Press

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